UI Overview and Forecasts
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1 UI Overview and Forecasts Employment Security Council October 2, 2012 David Schmidt Research & Analysis Bureau
2 National Perspective: National Solvency 12/31/ AHCM <0.0 <0.5 <1.0 >1.0 Map courtesy of used with permission
3 National Perspective: National Solvency 12/31/ AHCM <0.0 <0.5 <1.0 >1.0 Map courtesy of used with permission
4 National Perspective: Borrowing Across the Nation 4 At the beginning of the year, 29 states had loans outstanding in the form of either bonds or Title XII loans. As of September 18, 2011, 20 states and territories have $25.8 billion in outstanding Title XII loans.
5 Nevada s Trust Fund: Response to the Recession 5 Nevada entered the recession with reserves that met both state and federal solvency standards. Through 2010, Nevada held the UI tax rate stable to assist employers through the worst of the recession. In 2011 the UI tax was increased to reduce the amount that was being borrowed. In 2012 the UI tax was kept constant at the 2011 rate.
6 Nevada s Trust Fund: What it Took to Borrow Unemployment Rate When Borrowing Began 12 6 Total States % % % % % % % % % Announced Unemployment Rate (First month of borrowing) % NV
7 Nevada s Trust Fund: Declining Benefit Payments 7 Monthly Compensation: 1971 to Present $120 $100 Millions of dollars $80 $60 $40 $20 $
8 Nevada s Trust Fund: Shifting to Repayment Trust Fund Cash Flow: Calendar Years $1,200 $800 Revenues Balance Benefits 8 $400 $0 -$400 -$800 -$1, Millions of dollars
9 Nevada s Trust Fund: Tax Rates and Benefit Costs Nevada Tax Rates v. Benefit Cost Rate Shaded areas indicate recessions Avg. Tax Rate 9 Benefit Cost Rate 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00%
10 Costs of Borrowing: FUTA vs. SUTA Taxes FUTA Fixed Wage Base: $7,000 Paid to Federal government Funds federal & state UI administration, Title XII loans Fixed tax rate: 6.0% minus 5.4% credit (0.6% overall) 5.4% credit is gradually reduced in states that have outstanding federal loans. SUTA 10 Indexed Wage Base: $26,900 in 2013 Paid to Nevada Used only to pay benefits, or the principal of loans which were used to pay benefits. Average rate set each year by regulation, currently 2.00%
11 Costs of Borrowing: FUTA Offset Credit Caps 11 In order to cap the credit reduction, the state must meet four benchmarks: No state action was taken from October 1 to September 30 which would result in a reduction of the state s unemployment tax effort. No state action was taken from October 1 to September 30 which would result in a net decrease in solvency of the state UI system. The state unemployment tax rate is greater than or equal to the 5-year average benefit cost rate for the 5 prior calendar years. The state s outstanding loans from the Federal government are less than in the third prior year.
12 Costs of Borrowing: Targeting Capped FUTA Rates 12 Lowest Rate Possible (0.6%): Rate cannot be capped until 2013 (the first year the FUTA reduction would exceed 0.6%) Average Tax Rate would need to be at least 3.0% in 2013 Loan balance on September 30, 2013 would need to be less than $525.7 million. Second-Lowest Rate Possible (0.9%): Average Tax Rate would need to be at least 2.9% in 2014 Loan Balance on September 30, 2014 would need to be less than $742.2 million
13 Costs of Borrowing: Why Cap FUTA Rates? 13 Relying on FUTA to repay borrowing takes many years to make a dent in borrowing, and does not restore solvency once borrowing is repaid. FUTA Taxes rely on the Federal $7,000 wage base, putting an additional burden on employers of lower wage workers. Relying on state tax rates allows a more flexible, local review of steps to restore solvency.
14 Costs of Borrowing: Interest Expenses Interest on Title XII loans is due on September 30. Failure to pay this interest results in program decertification. FUTA Rate immediately becomes 6.0%, increasing FUTA taxes by over $400 million. State loses access to Title XII Loans. State loses all administrative UI Funding, worth about $25 million per year. 14
15 Costs of Borrowing: Interest Charges for Interest accrued from October 1, 2011 through September 30, The interest rate charged is based on the interest earned on positive trust fund balances. The interest rate during 2011 was % The interest rate during 2012 is % This reduced interest rate lowered estimated interest expenses for 2012 by roughly $9 million Nevada s 2012 interest cost is $23.9 million. Across all states, estimated 2012 interest charges are $1.1 billion.
16 2012 Trends: Slowing Decline in Initial Claims 16 40,000 Seasonally Adjusted Initial Claims 30,000 20,000 Current Level 10,000 0 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
17 2012 Trends: Declining Weekly Benefits Average Weekly Benefit Payment: Regular UI Benefits 17 $330 $320 $310 $300 $290 $280 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
18 2012 Trends: Declining Benefit Eligibility Eligibility for Maximum Weekly Benefit 18 50% 45% 40% 35% 30% Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12
19 2012 Trends: Declining Benefit Use Average Duration of Regular Unemployment Benefits: Weeks
20 2012 Trends: Declining Federal Benefits 240,000 Weekly UI Claims by Program vs. Total Unemployment , , , ,000 90,000 60,000 30,000 0 Tier 1 Extended Tier 2 Added Tier 3 Added Tier 4 Added Temporary Expiration of UI Extensions Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Regular UI EUC SEB Total Unemployment
21 2012 Trends: Declining UI Coverage UI Coverage of Unemployed 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 21 Unemployed w ithout UI % Covered % Covered, Regular only 160, , , ,000 80,000 60,000 40,000 20, % 0 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12
22 2013 Forecast: Review of Forecast for % Forecast Review Forecast Current 12% 12.4% 11.8% 8% 4% 0% 2012 Average Unemployment Rate 0.9% 1.1% 2012 Employment Growth
23 2013 Forecast: Review of Forecast for Forecast Review 3,000 Forecast Current 2,118 Thousands 2,000 1, ,796 0 Covered Employment March Weeks Claimed
24 2013 Forecast: Review of Forecast for 2012 Millions of dollars Forecast Review $900 $600 $300 $0 -$300 -$600 -$900 -$1,200 $449 $536 Revenue October-September $579 $481 Benefits October-September Forecast -$867 Current -$676 Trust Fund on October 1 24
25 2013 Forecast: Historical Solvency Review Nevada Solvency Calculation Actual Actual Actual Actual Preliminary NRS Covered Employment 1,114,746 1,058, , , ,866 Highest Risk Ratio 11.03% 14.72% 18.98% 18.98% 18.98% Highest Weeks Duration Average Weekly Payment $ $ $ $ $ Solvency Target (Millions) $560.5 $787.0 $1,113.5 $1,056.7 $1,054.5 UI Trust Fund Level: October - September Beginning Fund Balance (Millions) $803.1 $703.4 $60.6 ($525.7) ($730.7) Intake to Fund Taxes FUTA Offset Loan Repayment UI Mod Incentive Interest Payout From Fund , Regular Benefits , Designated Reed Act Funds Net Change in Fund (99.7) (642.8) (586.3) (205.0) 54.7 Ending Fund Balance (Millions) $703.4 $60.6 ($525.7) ($730.7) ($676.0) Solvency Level (Millions) (726.4) (1,639.2) (1,787.4) (1,730.5) Multiple Average High Cost Multiple Average Tax Rate 1.33% 1.33% 1.33% 2.00% 2.00% 25
26 2013 Forecast: State Solvency Measure 2.0 Trust Fund Reserves: State Solvency Multiple
27 2013 Forecast: AHCM Solvency Measure Trust Fund Reserves: Average High Cost Multiple Multiple
28 2013 Forecast: Potential 2013 Tax Rates Nevada Solvency Calculation Covered Employment 967, , , , ,819 Highest Risk Ratio 18.98% 18.98% 18.98% 18.98% 18.98% Highest Weeks Duration Average Weekly Payment $ $ $ $ $ Solvency Target (Millions) $1,053.7 $1,053.7 $1,053.7 $1,053.7 $1,053.7 UI Trust Fund Level 10/1/12 Fund Balance (Millions) ($676.0) ($676.0) ($676.0) ($676.0) ($676.0) Intake to Fund Taxes FUTA Offset Loan Repayment Payout From Fund Regular Benefits Designated Reed Act Funds Net Change in Fund /30/13 Fund Balance (Millions) ($614.1) ($557.4) ($503.6) ($447.0) ($391.0) State Solvency Gap (Millions) (1,667.8) (1,611.1) (1,557.3) (1,500.7) (1,444.7) Solvency Multiple AHCM Solvency Gap (Millions) (1,422.4) (1,365.7) (1,311.9) (1,255.3) (1,199.3) Average High Cost Multiple Average Tax Rate 2.00% 2.25% 2.50% 2.75% 3.00% Average Cost Per Employee at Taxable Wage Base $ $ $ $ $
29 2013 Forecast: Long Term Effect of Different Rates ($ in Millions) 2.00% 2.25% 2.50% 2.75% 3.00% Maximum FUTA Credit Reduction Year Loans are Repaid Year AHCM Reaches SUTA Cash Flow $54.9 $105.5 $156.1 $206.7 $257.2 Total Interest Expense $60.9 $54.5 $49.2 $44.7 $41.5 Total FUTA Offset $329.9 $304.1 $215.0 $193.5 $150.8 Maximum FUTA Credit Reduction 1.5% 1.2% 1.2% 0.9% 0.6% Loan Repayment from FUTA 39% 36% 25% 23% 18% 2013 Avg SUTA Tax $ $ $ $ $ Avg FUTA Tax $ $ $ $ $ Table assumes Nevada takes no action to reduce solvency, and avoids the BCR Add-On credit reduction Average time from end of one recession to start of the next during the last 50 years: 5.4 years (December 2014)
30 2013 Forecast: Potential 2013 Rates vs. BCR Nevada Tax Rates v. Benefit Cost Rate Shaded areas indicate recessions Avg. Tax Rate 30 Benefit Cost Rate 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00%
31 2013 Forecast: Other Considerations 31 How long will it take the economy to recover? Average time from end of one recession to beginning of new recession over the last 50 years: 5.4 years Increasing economic headwinds? Expiring Extended Benefit Programs How will the scheduled expiration of extended UI benefits affect the Nevada economy? How will it affect the number of regular UI claimants?
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